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Real Estate Buyer Rebates are Legal in Fredericksburg Virginia
Real Estate Buyer Rebates are Legal in Fredericksburg Virginia
There are a lot of talk and assertions by some on the internet that it is illegal or unethical for a real estate agent to provide a rebate to a buyer in a real estate transaction. While this is true in some states, it is not for Fredericksburg, Virginia. For those states that ban such rebates, the Anti-Trust Division of the US Department of Justice (DOJ) is actively working to get those lifted to promote competition in the real estate industry to hopefully reduce costs in all states.
The historical problem associated with rebates in the real estate industry is one of kickbacks to other businesses, such as providing a kickback to a title company or another business to direct business a certain way. Through kickbacks, some agents were able to corner the market and prevent competition. This has been made illegal in all states through the federal Real Estate Settlement Procedures Act (RESPA). With regard to commission rebates to buyers, the issue is one of disclosure. According to the DOJ and the Department of Housing and Urban Development (HUD), real estate agents may rebate a portion of the agent’s commission under RESPA.
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